BDO advises Japan's GLORY Group on acquisition of majority stake in German fintech Cash Payment Solu

BDO advises Japan's GLORY Group on acquisition of majority stake in German fintech Cash Payment Solu

An interdisciplinary team from BDO AG Wirtschaftsprüfungsgesellschaft led by Frank Scholl (Financial Due Diligence) and Martina Elisabeth Lütticken (Tax Due Diligence and Tax Structuring) provided comprehensive advice to GLORY on all financial and tax issues relating to the transaction.

With its head office in Himeji (Japan), GLORY is a pioneer in the development and manufacture of equipment and systems for handling cash. GLORY offers a wide range of products based on its leading recognition and mechatronics technology. These include ATMs, cash management systems, vending machines and automatic service units. GLORY serves customers in the retail, finance, vending, amusement and gaming industries in more than 100 countries and employs around 9,000 people worldwide.

CPS is a German fintech company based in Berlin. It develops and provides online payment processing platforms under the brands Barzahlen and viacash. Established in 2011, CPS offers one of the largest private cash payment infrastructures in Europe. The company has partnerships with retail chains such as REWE, Penny, real, dm and Rossmann. On this basis, CPS enables its customers to pay and deposit cash as well as settle bills at over 12,000 locations.

Following the sale of the majority stake, the CPS management team will continue to manage the company and focus on expanding the business and network in Europe. Completion of this transaction is subject to clearance from the relevant regulatory authorities.

By acquiring a majority stake in CPS, GLORY is working towards implementing its long-term strategy of establishing a new management system for cash circulation to make cash transactions more efficient and reduce cash handling costs in bank branches and retail shops.


Advisers to GLORY


BDO AG Wirtschaftsprüfungsgesellschaft

Financial due diligence

Frank Scholl (Lead Consultant, Partner Advisory/Corporate Finance, Hamburg)

Stephan Tillner (Manager Advisory/Corporate Finance, Hamburg)

Christopher Gräfen (Senior Consultant Advisory/Corporate Finance, Hamburg)


Tax Due Diligence, Tax Structuring

Martina Elisabeth Lütticken (Lead Consultant, Senior Manager, Conversion and Transaction Consultancy, Hamburg)

Christian Erbut (Senior Manager, Conversion and Transaction Consultancy, Hamburg)

Lars Erichsen (Senior Tax Consultant, Conversion and Transaction Consultancy, Hamburg)